You Are Worth Your Fee
Not everybody likes pineapple on pizza – but one thing everybody does like is SAVING MONEY. Whether it’s cutting out coupons, or cutting their agent’s commission, people want valuable experiences for the lowest cost possible.
When it comes to your commission, it should be non-negotiable. As a real estate agent, your income fluctuates due to the market and the amount of listings you have. Don’t be undervalued because you are scared to lose your listing to Sally-sells-a-lot. What you need to do is show that you are worth your fee. A great way to prove your value is explaining in detail every expense you will incur from marketing their listing.
TV shows, much like the ones on HGTV, make being a real estate agent look SO EASY. “You can sell a home in 30 minutes right?” Homeowners often don’t understand all of the ‘behind the scenes’ that goes into selling a home. The first step – is make a list. A very big one. List EVERYTHING you will be doing to sell the home. The more the better.
With each task, put a time frame and a price tag on it. The REAL price tag. Your sellers don’t need to know that you have a professional relationship with the lawyer you are using that reduces the cost to benefit both parties. If it was not for your expertise and networking, it would be full cost for the sellers anyway. Support your commission and value by offering a menu of services for your open houses, online advertising, negotiating, etc.
Add value to their experience and tell them about how you will care more and do more. Tell them how you treat your clients. For example, coming to every viewing to ensure the home looks its best by fluffing the pillows. Tell them about how you follow up with every agent for feedback after a viewing, keeping in constant communication with them. Explain that you host active and friendly open houses with high end marketing brochures. Whichever route you want to go, list it and explain the value of it.
If the seller wants a lower commission, ask which services they don’t want or which service they want to pay for out of pocket.
If you let people undervalue you, they will. The key is not to let them save money at your expense. Keep an eye out for our blog next week which will show you how to handle common objections when it comes to your earned commission.